Central Bank Limits N 500,000 Weekly Cash Withdrawal for Individual Customers and N100,000 for Daily POS Cash Out.

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…. N500,000 weekly withdrawal for individual customers

…N N100,000 daily maximum for POS termiinal cash-out limit

The Central Bank of Nigeria (CBN) has announced a new daily transaction limit for Point of Sales (PoS) agents, restricting cash-outs to a maximum of N1.2 million.

The policy is part of the apex bank’s continued efforts to promote a cashless economy and enhance electronic payment systems.

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In a circular released on Tuesday, titled Cash-Out Limits for Agent Banking Transactions, the CBN outlined several measures aimed at advancing agency banking operations through electronic channels.

Signed by Oladimeji Yisa Taiwo, for the Director of Payments System Management Department, the circular emphasizes the importance of leveraging technology to streamline transactions.

As of July 2024, Nigeria had 3.05 million PoS devices deployed across the country, with a total of 4.06 million registered terminals, according to the Nigeria Interbank Settlement System Plc (NIBSS).

In addition to the PoS transaction limits, the CBN also set a weekly withdrawal cap for individual customers at N500,000, regardless of the transaction channel.

Each PoS terminal will now have a daily maximum cash-out limit of N100,000 per customer, with a cumulative daily transaction limit of N1.2 million per agent.